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    Mortgage Rates Move Closer to 2017 Low

    JustinBy JustinApril 11, 2017No Comments3 Mins Read
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    Mortgage Rates Move Closer to 2017 Low

    Mortgage rates ended the week lower with the 30-year fixed mortgage rate edging closer to 2017 low of 4.09%.

    As of April 7 (Friday), the 30-year FRM averaged 4.10% and rates on 15-year fixed mortgages averaged 3.36%. While both fixed mortgage rates fell for the week ended April 6, the five-year hybrid adjustable-rate mortgage rates stood slightly higher at 3.19% during the week surveyed.

    What are today’s mortgage rates?»

    Mortgage Rates Before and After March’s Job Data

    Freddie Mac’s Primary Mortgage Market Survey® was released ahead of Friday’s jobs report, which it said could determine the movement of next week’s rates.

    The Labor Department reported 98,000 jobs were created in March, well below the expected turnout of 180,000 jobs. Per the BLS (Bureau of Labor Statistics), the total nonfarm payroll employment rose by 98,000 following gains in February and January of 219,000 and 216,000, respectively.

    The total nonfarm payroll employment is an important economic indicator, encompassing approximately 80% of workers contributing to the national GDP (gross domestic product).

    In March, the national unemployment rate declined by 0.2% to 4.5% and the number of unemployed persons slid by 326,000 to 7.2 million. Still, the labor force participation rate held steady at 63%, well within a multi-decade low.

    “There is no other way to sugarcoat this report, it was a disappointment. It also tells us the Fed will not be in a position to hike rates based on these numbers…,” according to the Mortgage Market Guide.

    Get in touch with reputable lenders here.»

    At the end of trading day on April 7, its market wrap partly read: “Mortgage bonds traded well into positive territory after the weak headline non-farm payrolls, but sentiment quickly shifted lower after unfriendly bond comments from the Fed’s Dudley. In addition, when the jobs report data was dissected, it did show some positive numbers with the low unemployment rate and the lower U6 number … The yield on the 10-yr note closed at 2.38% after hitting 2.26% soon after the jobs report was released…”

    Sean Becketti, who serves as Freddie Mac’s chief economist, stated in last week’s PMMS® release: “The 10-year Treasury yield was relatively unchanged this week, while the 30-year mortgage rate fell 4 basis points to 4.1 percent. After three straight weeks of declines, the 30-year mortgage rate is now barely above the 2017 low.

    “Next week’s survey rate may be determined by Friday’s employment report and whether or not it can sustain the strength from earlier this year.”

    Click here to contact lenders.»

    Justin
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    Justin McHood is a managing partner at Suited Connector and has been recognized by national media outlets as a financial expert for more than a decade.

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    15-year mortgage rates 30-year mortgage rates freddie mac March jobs report mortgage rates PMMS Treasury yield
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    Justin

    Justin McHood is a managing partner at Suited Connector and has been recognized by national media outlets as a financial expert for more than a decade.

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